Suppose that you have a formula that you want to copy
across a row but do not want to include the border of the cell
from which the copy is to be made. Right click the fill handle and
drag it across the row. When you let go of the mouse, the
following menu will appear:

-Copy Cells

-Fill formatting only

-Fill without formatting

-Flash fill

Select Fill without formatting and only the formula
will be copied.

Tax returns

Tax clients should note that unless we receive all
the relevant data and documentation at least fourteen days before
the applicable submission deadline we cannot be held responsible
for any punitive action taken against them by SARS.

TAXATION

Travel Allowance Deduction

Although no mention was made
of this in the budget, the rates to be used to calculate this
deduction have been changed to read as follows:

Value of
vehicle (including VAT)

Fixed cost

Fuel cost

Maintenance
cost

R

R per annum

c per km

c per km

0 – 80 000

26 675

82.4

30.8

80 001 – 160 000

47 644

92,0

38,6

160 001 – 240 000

68 684

100,00

42,5

240 001 – 320 000

87 223

107,5

46,4

320 001 – 400 000

105 822

115,0

54,5

400 001 – 480 000

125 303

132,0

64,0

480 001 – 560 000

144 784

136,5

79,5

Exceeding 560 000

144 784

136,5

79,5

Some other budget proposals

·The annuitisation requirement for provident
funds and tax-free transfers from pension funds to provident funds
is to be postponed for two years

·A further amnesty in respect of offshore funds
and earnings to be effective from 1 October 2016 to 31 March 2017
and to be effected by amendments to the existing Voluntary
Disclosure Programme – see below

·Assets transferred to a trust by way of loan
account are to be added to the donor’s estate for duty purposes
and interest free loans (presumably only to trusts) to be treated
as donations. One wonders what the impact of this will be on the
donor’s hitherto before right to make an annual payment ofR 100kdonation
tax freeto be offset
against such loan provided such payment is not made by a mere book
entry?

·Various amendments regarding the taxation of
contributions to retirement funds including the treatment of an
employer’s contribution as a fringe benefit in the hands of the
employee

·Local employees of foreign employers, who are
based in South Africa and do not deduct PAYE from the employees
salary, will be required to pay provisional tax

·Currently, a provisional taxpayer is not
subjected to a penalty if his/her estimate for the second
provisional tax return is submitted before the due date of the
next provisional tax return. It is proposed that the final date be
changed to the date of the issue of the assessment for the
relevant year

·Expenditure incurred to earn taxable REIT
dividends is to be allowed as a deduction

·Currently, the period provided for the lodgment
of an objection is 30 days from the date of the relative
assessment. A longer period and consequent amendments to the
dispute resolution rules are being considered

Special Voluntary Disclosure Programme in respect of offshore assets and
income – key points

·Applicable to companies and individuals but not
to trusts

·Donors, deceased estates and beneficiaries of
foreign discretionary trusts may participate if they elect to have
the trust’s offshore assets and income deemed as their own

·Awareness of a pending audit or investigations
in respect of foreign assets and income prohibits participation

·Amounts obtained by SARS through an
international exchange of information procedure will be excluded

·Only 50% of the amount used to fund the
offshore acquisition will be included in taxable income

·Investment returns prior to 1 March 2010 will
be exempt but those thereafter will be included in taxable income.

·Any tax debt arising from such disclosure will
be subject to interest with effect from 1 March 2010

·Successful applications will not give rise to
any understatement penalties and SAR will not pursue criminal
prosecutions

·Exchange Control contraventions prior to 29
February 2016 will be covered by the amnesty

·Any persons who are subject to a current
investigation by the reserve bank will be excluded

·A levy of 5% of the current market value at 29
February 2016 of repatriated assets and 10% of current market
value at 29 February 2016 of assets that are kept offshore may be
imposed

·The levy must be paid from foreign sourced
funds and an additional 2% will be imposed where those funds are
insufficient to meet the 5 or 10% levy

·Foreign capital allowances may not be utilized
to reduce the leviable amounts nor may the levy be reduced by any
fees or commissions

BUSINESS

Protection of Personal Information (POPI)

When, eventually, this Act
comes into force business will be allowed a period of one year to
become compliant. Given the procrastination levels of many small
businesses it may well be appropriate to remind them of their
responsibilities. To that end, portions of an article that
appeared in our March 2014 issue are repeated below. It must be
emphasised that a thorough knowledge of the act is essential and
readers are advised to familiarize themselves with the Act that is
available at www.gov.za/documents/download.php?f=204368

Personal
information is defined as information relating to a living or
juristic person and includes information relating to, inter alia:

Any
person or organization that has such information in their
possession has a duty to ensure that it is safeguarded and not
revealed to persons other than the person to whom that information
relates other than in a manner authorised by the Act. Further,
once the information is no longer required for the purpose it was
obtained, it shall be destroyed.

Severe
penalties are provided for any infringement.

ECONOMY

FNB
reports that there is an increased demand for crude oil and this
could well lead to rising fuel prices with the related knock-on
effect that this could have on the South African economy. However,
this could be moderated to some extent by the increase in exports
that is associated with the weakening of the rand. But the
strengthening of exports is dependant upon demand from our major
trading partners and, given, China’s slowing economy, one should
not get too excited about export growth. The slow down in demand
for basic metals could result in the closure of marginal producers
and related unemployment problems and associated labour militancy
during the coming wage negotiation season. Weakening consumption
is likely to result in a lowering of import volumes and to some
extent this should compensate for the likelihood of dropping
export levels.

TAILPIECE

“Being
honest may not get you many friends but it’ll always get you the
right one.” – John Lennon